On Tuesday, the United States and the European Union (EU), under the auspices of the Transatlantic Economic Council, announced an agreement on Shared Principles for International Investment, which reaffirms their commitment to open, transparent, and non-discriminatory international investment policies.

International investment, both by American companies abroad and by foreign companies in the United States, benefits U.S. companies and American workers by creating high-paying jobs, boosting exports, and spurring innovation in the United States.

U.S. Cabinet-level principals and EU commissioners attending a Transatlantic Economic Council meeting in November last year had urged that a joint set of international investment principles be developed to strengthen their collaborative efforts to foster open investment policies worldwide. These principles would guide the United States and EU and the governments of third countries in developing future investment policies.

The US State Department said the United States looks forward to working with the EU to promote the principles around the world, including through the G8 Deauville Partnership with countries in the Middle East and North Africa (MENA) region.

The principles embody a number of shared core values, including a commitment to open and non-discriminatory investment policies, a level competitive playing field, strong protections for investors and their investments, neutral and binding international dispute settlement, strong rules on transparency and public participation, responsible business conduct, and narrowly-tailored reviews of national security considerations. The joint statement recognizes that governments can fully embrace these principles without compromising their ability to regulate in the public interest.